Bank of America Stock (BAC)

Upgrades: ArcelorMittal ($MT) upgraded to Overweight from Neutral at JPMorgan Array Technologies ($ARRY) upgraded to Outperform from Neutral at Mizuho, Target: $5 Bank of America ($BAC) upgraded to Outperform from Neutral at Baird, Target: $62 BorgWarner ($BWA) upgraded to Buy from Neutral at BofA, Target: $85 Brighthouse Financial ($BHF) upgraded to Neutral from Underweight at …

Upside – $LQDA +41.0% ($380.7M global settlement resolves six lawsuits and preserves uninterrupted YUTREPIA commercialization) – $TCRT +25.5% (completed Velaris acquisition and secured an approximately $350M private placement to fund development through 2029) – $VSTM +11.0% (VS-7375 produced a 50% confirmed response rate in eight second-line pancreatic-cancer patients, with FDA alignment on a Phase 3 …

P.S. I am not yet bottom-fishing in financials/banks. P.P.S. I estimate that Bank of America ($BAC) has unrealized losses in its investment portfolio (mainly U.S. Treasuries) of about $92 billion. The other major money center banks have also been “dinged” by the decimation in fixed-income prices. Position: None

* The kind of stuff that doesn’t fit the bulls’ narratives… The bank bulls never talk about unrealized securities losses from rising bond yields (and lower prices). As an example, and by my last count… Bank of America ($BAC) has about $91 billion of unrealized losses in its securities portfolio account. Position: None

* The market is balancing on a few stilts, hoping nobody notices (the high wire act) * It is Tom Lee's world... This week I sold out the balance of all of my technology (AMZN, META, MSFT, GOOGL) and financial longs (BAC, C, WFC, AXP, MS) on substantial ...